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Forex Trade Setups (London Close) Mar. 22nd
EURJPY – Double Inverted Pin Bar
As we wrote about yesterday in our forex market commentary (NY Close), the EURJPY formed a bearish engulfing bar, the first in almost a year (above the daily 20ema) which was sure to set off profit taking from the current longs, thus giving the short term edge to the downside.
The pair didn’t disappoint as it broke below the 4hr 20ema (1st time in over two weeks), then formed a double inverted pin bar setup) giving traders a great opportunity to get short. We discussed this setup in our price action forum and several traders got in on it with over a 3:1 reward to risk play. The next support comes in at the daily 20ema at 108.21 where the bulls will really be tested as price action has not closed below this since Feb. 1st of this year.
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